BNP Paribas partners with AI start-up 30 January 2017London Reporter: Stephanie Palmer
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BNP Paribas Securities Services has invested in Fortia, a financial technology start-up focused on artificial intelligence (AI), acquiring a minority stake in the business.
The Fortia solution uses AI, machine learning and business process monitoring to help clients in the funds industry to meet increasing compliance requirements and manage large volumes of data.
Its investment compliance platform, Innova, helps asset managers and owners to control and monitor their funds’ compliance with local and international regulatory requirements. It is also designed to help clients improve operational efficiency, and offers access to improved data and analytics, plus scenario simulations.
The investment from BNP Paribas Securities Services will help finance Fortia’s next stage of growth, while offering expertise in its target market. BNP Paribas will also implement Innova into its own depository banking business.
Jean Devambez, global head of product and clients solutions, asset and fund services at BNP Paribas Securities Services, said: “Fortia’s Innova solution tackles two very real challenges for financial services companies and institutional investors—growing regulatory requirements and mounting volumes of data—by applying new technologies in an intelligent and innovative way.”
“By taking a stake in Fortia, we are not only helping a start-up flourish but also ensuring our clients have access to the latest technologies to grow and develop their business, meet compliance requirements and enhance operational efficiency.”
Fortia founder Reda Bouakel said: “We are very pleased with this strategic partnership, which will provide Fortia not only with the necessary financial resources for its development but also with a strong business expertise essential to the evolution of our offerings.”
“This strategic partnership marks a decisive step in Fortia’s development and ambition to become one of the leading providers of technological solutions dedicated to investment compliance monitoring, anti-money laundering, know-your-client and reporting.”
BNP Paribas Securities Services and Fortia were introduced at L’Atelier BNP Paribas’s Fintech & Corporate Accelerator programme in 2016. The programme is focused on business development, and is designed to create value for start-ups, BNP Paribas businesses and clients.
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